NEW YORK, November 28, 2017 /PRNewswire/ —
According to a report by Zion Market Research, the global lithium-ion (Li-ion) battery market was valued at around USD 31.17 billion in 2016 and is expected to generate revenue of USD 67.70 billion by end of 2022 and growing at a CAGR of slightly above 13.70% over the forecast period. Li-ion batteries are broadly used as a power supply for consumer electronics as well as hybrid and electric vehicles (EVs). The increasing demand for electric vehicles is expected to push demand for li-ion batteries to new highs. Bearing Resources Ltd. (OTC: BRGRF), Lithium X Energy Corp. (OTC: LIXXF), Advantage Lithium Corp. (OTC: AVLIF), Millennial Lithium Corp. (OTC: MLNLF), Lithium Americas Corp. (OTC: LACDD)
Mahitha Mallishetty, a lead metals and minerals research analyst at Technavio, explained, “The range of EVs can be improved, and the fuel consumption of hybrid EVs can be reduced using lithium-ion batteries. The diverse types of rechargeable batteries, distinguished by the materials used for the electrodes and electrolytes, have a short-range due to lower energy density and have a short operational life when compared with that of lithium-ion batteries. Growth in vehicle fleet leads to a proportionately faster change in the acceptance of EVs, thereby providing growth prospects for the global lithium market.”
Bearing Resources Ltd. (OTCQB: BRGRF) is also listed on the TSX Venture Exchange under the ticker symbol ‘BRZ’. Just announced breaking news earlier today that, “it has settled its outstanding current financial liabilities. Specifically, the outstanding US$1.1 million loan from Minera Salar Blanco SpA , its joint venture partner, to Li3 Energy, Inc .was repaid on November 22nd, 2017. Following this payment, Bearing has no material outstanding financial liabilities, other than short-term payables as part of ongoing operations, and approximately C$2.0 million in cash.
Jeremy Poirier, President and CEO, commented: “Since the merger with Li3, Bearing has focused on the project development of its flagship Maricunga project. However, in terms of liabilities inherited from the merger, the outstanding debt with our Chilean partner MSB was a key component of our balance sheet. The early repayment of this debt to our partners reflects our confidence in the Maricunga project and our continued effort to foster a healthy and long-term relationship with our partners in the project.
About Bearing Lithium Corp. – Bearing Lithium Corp. is a mineral exploration and development company, primarily focused on lithium. Its primary